IFRS implementation date

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Rajiv Malkan (Querist)
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11 March 2011 Consequent to IFRS standrards notified, budget was to address the tax issues on IFRS and the date of implementation. Budget seems to be silent on the same. IS IFRS implementation getting deferred ? Can any one clarify.

jinkesh jain

jinkesh jain (Expert)
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11 March 2011 http://www.indianexpress.com/news/India-Inc-has-its-way--IFRS-put-off/755079/

Rajiv Malkan

Rajiv Malkan (Querist)
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12 March 2011 Thanks Mr. Jain. The news article published in Indian Express is dated 26th Feb.2011 also many other news papers on the same date published this kind of article on IFRS deferrment. However, if you read carefully the third last para of the said article, it talks about new date of implementation will be decided after Union Budget is Announced on February 28. Hence, is there any update post Feb.28 on the new date of implementation. Since as of now it is not annouced, does that mean the original date of 1st April 2011 stands good ?

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CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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12 March 2011 IFRS will be applicable w.e.f. 01/04/2011.

Rajiv Malkan

Rajiv Malkan (Querist)
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14 March 2011 Thanks CA Ravi. Could you please give any new notification in this regard. The notification in MCA site dated 25.02.2011 reads as under. Quote "The Ministry of Corporate Affairs will implement the IFRS converged Indian Accounting Standards in a phased manner after various issues including tax related issues are resolved with the concerned Departments. It would be ensured that the implementation of the converged standards in a phased manner is smooth for the stakeholders. The date of implementation of the IND AS will be notified by the Ministry at a later date." Unquote

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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14 March 2011 IFRS will be applicable w.e.f. 01/04/2011 on listed companies(only for level one entities).